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Eksterne analyser

Solwers Q4 EBIT of EUR 0.3m as expected after the profit warning - Nordea

Solwers

Dette er en ekstern analyse og afspejler ikke nødvendigvis vores perspektiv eller værdier.

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Solwers’ Q4 sales of EUR 21.7m were fairly in line with our estimate of EUR 22.1m. EBIT of EUR 0.3m fell significantly below our estimate of EUR 1.2m, although we note that our estimates have not been updated after the profit warning of 1 February, which called for “close to zero” EBIT and revenue of EUR 21-22m. The result was burdened by non-recurring items such as conditional purchase prices, write-downs and costs related to potential main list transition. Price competition and low billable hours also contributed to the weaker result. DPS proposal of EUR 0.024 was also below our EUR 0.06 estimate (EUR 0.064 for 2023). No numerical guidance was given, but the company anticipates market recovery to strengthen towards the year end 2025. The company aims to grow via acquisitions in at least three countries during the year, implying M&A in Poland this year. After the profit warning, the report gave limited new information and thus we see the report rather neutral for the share.
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